For those who are self-employed, obtaining mortgages can prove to be a bit more difficult than for the traditional employee. Lenders want to know you have the financial ability to make payments on time. As an employee with a long track record, you are likely to continue that employment long term, making you less of a risk. However, self-employed individuals can still prove their creditworthiness and secure mortgages.
Here are a few things to keep in mind:
In addition to this, remember that loan programs such as FHA loans are available to individuals who are self-employed. You'll want to do what you can to prove your creditworthiness, including maintaining a solid credit history, having collateral and showing you have the capacity to repay what you borrow. By working with the right lender, you'll also increase your chances of securing a loan.
Contact Midland Mortgage Corporationtoday and ask us how we can help you get a self-employed mortgage.